We formed a double top right around the 2.0–2.1 Fib extension target, followed by a break of the bullish trend on the 1H timeframe. Since then, the bears have started taking control.
RESISTANCE ZONE:
SUPPORT ZONE:
As always, I’d rather wait for price to come into the levels than chase the move in the middle.
🔍 Indicators used
➡️ Available for free. You can find it on my profile under “Scripts” and apply it directly to your charts for extra confluence when planning your trades.
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RESISTANCE ZONE:
- The current key resistance is the $1500 psychological level, where price has already rejected twice.
- The anchored VWAP resistance is also sitting right around $1500, giving us another layer of confluence.
- The 0.382 Fib at $1486 was the ideal short entry and lined up nicely with the resistance zone.
SUPPORT ZONE:
- For the next long opportunity, I’m watching the $1300–$1240 support zone, where we have plenty of confluence coming together.
- The $1270 level would be the ideal entry for me. If we get the reaction from this zone, the first target would be back towards the $1350 swing low.
As always, I’d rather wait for price to come into the levels than chase the move in the middle.
🔍 Indicators used
- Multi Timeframe 8x MA Support Resistance Zones [SiDec] → to identify support and resistance zones
➡️ Available for free. You can find it on my profile under “Scripts” and apply it directly to your charts for extra confluence when planning your trades.
_________________________________
💬 If you found this helpful, drop a like and comment!
Nota
$1400 acted as resistance zone:Nota
1.618 Fib extension target reached - in confluence with 34 daily and 4H 200 EMA/SMA:Nota
Next long opportunity → $1240-$1230:Nota
$1200:Nota
0.886 fib + vwap confluence:Nota
High-probability short trade setup → $1438-$1474:
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🏆 Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.